- Bitcoin is trapped in a declining price range, which is supported at $103,630 and resisted at around $107,261.
- The rising trendline is a significant support, and its break may indicate the bearish extension to 100 thousand.
- Market behavior suggests technicals are driving prices more than news, pointing to maturing trader sentiment.
The price of Bitcoin has been stalled at the major levels despite the slight fall, prompting one to wonder if the asset will follow its current trajectory or more downside will be the way forward. Bitcoin reached a price of about $105,516 down by 1.6% in the last 24 hours. The crypto asset still trades in the ranges between $103,630 on the lower side and $107,261 on the higher side, according to the latest chart analysis.
Bitcoin’s Price Squeezes Into Triangle as Traders Anticipate Breakout
The candlestick chart for the day shows that Bitcoin is maintaining shape within a well-defined channel of prices. A notable rising trendline, acting as support since April, continues to offer a cushion to the asset. Analysts say Bitcoin’s ability to remain above this rising line of uptrend could end up being pivotal for any short-term continuation of the bullishness. However, repeated rejections near the declining resistance line—now in the process of becoming triangle-shaped along with the ascending trend—show tightening of the consolidation phase.
The visible price structure points to a potential breakout scenario. Traders are currently observing whether the coin will breach the triangle pattern to the upside or break below the support, which could trigger stronger directional movement.
Support and Resistance Levels Shape Bitcoin’s Path
Immediate attention has turned to the green support zone around $103,630. This level has consistently absorbed selling pressure and is considered a strong defensive area by traders. A breakdown below this region could expose Bitcoin to further declines, with potential targets near the $100,000 psychological level or below, depending on broader market sentiment and liquidity behavior.
On the flip side, the resistance near $107,261 and extending to around $110,000 remains a formidable barrier. This red zone has capped upside attempts multiple times since early June. Technical analysts believe a sustained break and close above this zone would be required to reignite bullish momentum and potentially re-test previous highs.
Volatility Tightens, Breakout Near
Unexpectedly, recent price movements have been largely indifferent to macroeconomic news or crypto-related events. The Bitcoin price has stayed largely within technical ranges despite the release of false news reports—such as ETF speculation and regulatory rumors—spreading throughout the market. That the price hasn’t aligned with the news cycle is reflective of the fact that market players are now basing more on chart signals and positioning in liquidity rather than on sentiment-based fundamental events
There has been an increased mandate in both volatility and price narrowing in the current structure and traders are anticipating a possible breakout. The players appear to be taking more time with the technical confirmation prior to positioning, although the trend has not yet been determined.
In the short term, price movement around the rising trendline and support level will determine where Bitcoin goes. Decline below $103,630 would potentially change the overall market mood, while a break above $107,261 would signal the start of a new rally.
